Graham Holdings Co

ghco.com

What Do They Do?

Provides education and healthcare services and operates television stations for students and institutions, patients, and businesses, alongside other service and product businesses.

How Do They Make Money?

Services bring in money from students and institutions for education, third-party payors for healthcare, and advertisers and distributors for broadcasts; tuition is generally paid upfront, while broadcasters bill ads as delivered and charge for retransmissions based on subscriber use. Goods buyers pay for manufactured products under terms tied to delivery.

revenue

Segment	Share	Revenue	How money arrives
Services	54% FY2022: 59%
Goods Sold outright	46% FY2022: 41%		Sold outright

Who Are Their Customers?

Students and professionals buy Kaplan’s education directly or through schools, universities and employers. Healthcare patients and payors, television advertisers and distributors, and manufacturing and vehicle buyers also pay for the company’s services and products.

Do Revenues Turn Into Profits?

Yes. It kept 6 cents of every revenue dollar as net income in FY2025 and turned 6 cents into free cash flow.

Operating income, FY2025

5% of revenue

▲ +9% vs FY2024 ($215.5M, 4%)

Net income, FY2025

6% of revenue

▼ −60% vs FY2024 ($724.6M, 15%)

Free cash flow, FY2025

6% of revenue

▼ −15% vs FY2024 ($324.1M, 7%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +4%; vs $1.3B in Q3 FY2025
Net income: ▼ −39%; vs $122.9M in Q3 FY2025

Services share of revenue vs 54.8% in Q3 FY2025

Aug 5, 2026 Kaplan agreed to sell Dublin Business School The $127.5 million agreement remains subject to completion conditions.
May 1, 2026 Kaplan completed the sale of Kaplan Languages Group The company expects a current U.S. income tax benefit of approximately $60 million related to the business.

Growing. Revenue grew 54% in 4 years, from $3.2B in FY2021 to $4.9B in FY2025, about 11% a year.

New media and art offerings The latest business description includes a platform for podcasters and media companies to sell subscriptions, memberships and audiobooks, plus an art fair and original-art commerce platform; the older description included an ad-free audio service for children and a consumer internet company.

Revenue over time

Services Goods

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Netflix, DISH, DIRECTV, Hulu, Fubo, and YouTube TV

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